Following-up on this request, this letter provides an answer based on readily available information 1.
|
|
- Silvester Hunt
- 6 years ago
- Views:
Transcription
1 Danièle NOUY Chair of the Supervisory Board Mr Sven Giegold Member of the European Parliament European Parliament 6, rue Wiertz B-147 Brussels Frankfurt am Main, 17 December 214 Re: Your question of 3 November 214 Honourable Member of the European Parliament, dear Mr Giegold, As a follow up to my public hearing at the Committee on Economic and Monetary Affairs of the European Parliament on 3 November 214, you asked for the development over time (e.g. since 28) of the share of sovereign exposures (sovereign of the respective home state of each bank) in percent of CET1 of individual banks. Following-up on this request, this letter provides an answer based on readily available information 1. By combining data published by the European Banking Authority (EBA) 2 with data from an external data provider (SNL Financial 3 ), it is possible to derive for 8 large European banks from end- 21 to end-213 the evolution of the ratio of home sovereign exposure to Core Tier 1 (CT1) capital (which can be considered a reasonable approximation for phased-in CET1). This ratio provides insights in the solvency risk associated with a bank s home sovereign exposure. It is however significantly impacted by the extent to which the bank generates and retains earnings, 1 To cover the whole period and more than 8 banks would require collecting this information from NCAs, which may not necessarily have it. 2 The 211 and 214 EU-wide stress-testing exercises with reference dates 31/12/21 and 31/12/213 respectively, and the 213 EUwide transparency exercise with reference dates 31/12/212 and 3/6/213. For this analysis, the sample has been restricted to the 8 banks for which data on sovereign exposures and Core Tier 1 capital are available over the last three years (the total sample size exceeds 8 in the EBA exercises). 3 SNL Financial is a private company based in the United States which collects and standardises financial information provided by a large range of private firms (including banks). European Central Bank Tel.: Frankfurt am Main Fax: Germany info@ecb.europa.eu Website:
2 and changes in this ratio also reflect the dynamics of the bank s capital position and not only an active investment strategy of the bank towards home sovereign exposure. For instance, large credit losses would increase the bank s ratio irrespective of the underlying investment strategy. Against this background, the historical evolution of the ratio of home sovereign exposures over banks total assets, which is not subject to such influences, has also been investigated as a complementary view on the development of home sovereign exposures. Here as well, to the best of my knowledge, comparable data are not available, or not provided in sufficient detail, before 21 from available sources. For the two above-mentioned ratios, you will find in the appendix, the distribution of the absolute changes between end-21 and end-213, both at bank-level (Figures 1 and 2) and at countrylevel (Figures 3 and 4). The correlation between both ratios is presented in Figure. Finally, the bank-specific ratios for 21Q4 and 213Q4 (in level and difference) are provided in Table 1. Four main conclusions can be drawn from these figures: The evolution of both ratios is extremely heterogeneous across banks within Europe, as well as within each country (Figures 1 to 4). The countries with the largest increase in their banks average ratio 4 to CT1 are Cyprus, Ireland, Italy and the Netherlands. This cross-country comparison should, however, be interpreted with caution as the banks featured in the sample cover the national banking sectors to a different and sometimes insufficient degree. For most of the banks, changes in sovereign exposures over CT1 capital and over total assets appear strongly correlated (Figure ). The additional information of the complementary ratio (i.e. of home sovereign exposures over total assets) is therefore limited. This mainly reflects the leading role of the numerator (i.e. sovereign exposures) in the evolution of both ratios, and the weak relationship between changes in home sovereign exposures and changes in bank s capital or total assets. On average, banks with the highest ratios of home sovereign exposure over Core Tier 1 capital experienced the strongest decrease in their ratios over (Figure 6). Yours sincerely, Danièle Nouy 4 We use the weighted average per country, i.e. the ratio of the aggregated exposure of banks of that country to their home sovereign and their aggregated CT1 capital.
3 Appendix: Figure 1: Absolute change in the ratio of a bank s home sovereign exposure over Core Tier 1 capital (at bank-level) Note: for the purpose of readability, only half of the sample is reported in the chart below. Results for all banks are provided in Table 1. 2 Absolute change in exposure to the sovereign home state (213Q4-21Q4), Ratio to Core Tier 1 capital [percentage points] DE29 NL IT42 GR3 LU4 GR32 AT2 NO1 SE84 SI7 GB89 PT6 FR13 DK11 DE17 FI12 GB88 SE8 FR14 IT4 AT3 PT3 AT1 GB9 IE38 CY7 GB91 DE2 IT43 EBA bank code Figure 2: Absolute change in the ratio of a bank s home sovereign exposure over the bank s total assets (at bank-level) Note: for the purpose of readability, only half of the sample is reported in the chart below. Results for all banks are provided in Table 1. 1 Absolute change in exposure to the sovereign home state (213Q4-21Q4), Ratio to total assets [percentage points] 1-1 PL2 NL HU36 SE86 DE18 LU4 SE84 DK11 ES6 DE27 DK8 FI12 SE87 SE8 MT46 DE2 PT4 IT41 ES6 FR1 AT3 IE38 ES69 PT6 DE28 IE39 IE37 IT43 SI8 EBA bank code
4 Figure 3: Change in the ratio of banks home sovereign exposure over the banks Core Tier 1 capital (at country-level) Note: The light blue boxes represent the min-max range of absolute changes in banks ratios per country between 213Q4 and 21Q4. Min-Max range of absolute changes in banks' home state exposure (ratio to Core Tier 1 capital), 213Q4-21Q4, per country [8 banks] AT (3) BE () CY (1) DE (1) DK (4) ES (4) FI (1) FR (3) GB (4) GR (4) HU (1) IE (3) IT () LU (1) MT (1) NL (2) NO (1) PL (1) PT (3) SE (4) SI (2) Country (with number of banks per country) Figure 4: Change in the ratio of banks home sovereign exposures over the banks total assets (at country-level) Note: The light blue boxes represent the min-max range of absolute changes in banks ratios per country between 213Q4 and 21Q Min-Max range of absolute changes in banks' home state exposure (ratio to total assets), 213Q4-21Q4, per country [8 banks] AT (3) BE () CY (1) DE (1) DK (4) ES (4) FI (1) FR (3) GB (4) GR (4) HU (1) IE (3) IT () LU (1) MT (1) NL (2) NO (1) PL (1) PT (3) SE (4) SI (2) Country (with number of banks per country) Figure : Change in the ratio of home sovereign exposures over CT1 capital vs. change in the ratio of home sovereign exposure over total assets (bank by bank) Absolute change in sovereign exposures over CT1 capital vs. over Total Assets [8 banks] 1 y-axis: Absolute change in ratio over Total Assets [213Q4-21Q4, percentage points] 1 y =.177x R² = x-axis: Absolute change in ratio over CT1 capital [213Q4-21Q4, percentage points]
5 Figure 6: Change in the ratio of home sovereign exposures over CT1 [213Q4-21Q4] vs 21Q4 ratio in level Figure 7: Change in the ratio of home sovereign exposures over total assets [213Q4-21Q4] vs 21Q4 ratio in level y-axis: Absolute change in the ratio of home sovereign exposure over CT1 [213Q4-21Q4, percentage points] Absolute change in ratio of banks' home sovereign exposures over CT1 capital vs. 21Q4 ratio in level [8 banks] y = x R² = , 1,2 1,4 x-axis: 21Q4 ratio of home sovereign exposure over CT1 [percentage points] y-axis: Absolute change in the ratio of home sovereign exposure over total assets [213Q4-21Q4, percentage points] Absolute change in ratio of banks' home sovereign exposures over total assets vs. 21Q4 ratio in level [8 banks] y = x R² = x-axis: 21Q4 ratio of home sovereign exposure over total assets [percentage points] Figure 8: 213Q4 Core Tier 1 capital vs. 213Q4 Common Equity Tier 1 capital Note: 213Q4 CET1 figures computed as of first day of application: 1/1/214, and in accordance with CRD4/CRR transitional arrangements. The straight blue line corresponds to the 4-degree line, where Core Tier 1 equals Common Equity Tier 1. 12, 213Q4 CET1 capital vs 213 Q4 CT1 capital [8 banks] Core Tier 1 Capital, SNL Financials [mln EUR] 1, 8, 6, 4, 2, CET1 = CT1 1, 2, 3, 4,, 6, 7, 8, 9, 1, Common Equity Tier 1 capital, EBA [mln EUR]
6 Table 1: Ratio of banks home sovereign exposure over CT1 and total assets from 21Q4 to 213Q4 Exposure to the sovereign home state, 21Q4 (percentages) Exposure to the sovereign home state, 213Q4 (percentages) Change in exposure to the sovereign home state, 213Q4-21Q4 (percentage points) Bank Country EBA bank code Ratio to Core Tier 1 capital Ratio to total assets Ratio to Core Tier 1 capital Ratio to total assets Ratio to Core Tier 1 capital Ratio to total assets ERSTE BANK GROUP (EBG) AT AT RAIFFEISEN BANK INTERNATIONAL (RBI) AT AT OESTERREICHISCHE VOLKSBANK AG AT AT BANK OF CYPRUS PUBLIC CO LTD CY CY DEUTSCHE BANK AG DE DE COMMERZBANK AG DE DE LANDESBANK BADEN-WURTTEMBERG DE DE DZ BANK AG DT. ZENTRAL-GENOSSENSCHAFTSBANK DE DE BAYERISCHE LANDESBANK DE DE NORDDEUTSCHE LANDESBANK -GZ- DE DE22 1, HSH NORDBANK AG, HAMBURG DE DE LANDESBANK BERLIN AG DE DE DEKABANK DEUTSCHE GIROZENTRALE, FRANKFURT DE DE WGZ BANK AG WESTDT. GENO. ZENTRALBK, DDF DE DE29 1, DANSKE BANK DK DK JYSKE BANK DK DK SYDBANK DK DK NYKREDIT DK DK BANCO SANTANDER S.A. ES ES BANCO BILBAO VIZCAYA ARGENTARIA S.A. (BBVA) ES ES BANCO DE SABADELL, S.A. ES ES BANKINTER, S.A. ES ES OP-POHJOLA GROUP FI FI BNP PARIBAS FR FR CREDIT AGRICOLE FR FR BPCE FR FR ROYAL BANK OF SCOTLAND GROUP plc GB GB HSBC HOLDINGS plc GB GB BARCLAYS plc GB GB LLOYDS BANKING GROUP plc GB GB EFG EUROBANK ERGASIAS S.A. GR GR NATIONAL BANK OF GREECE GR GR ALPHA BANK GR GR PIRAEUS BANK GROUP GR GR OTP BANK NYRT. HU HU ALLIED IRISH BANKS PLC IE IE BANK OF IRELAND IE IE IRISH LIFE AND PERMANENT IE IE INTESA SANPAOLO S.p.A IT IT UNICREDIT S.p.A IT IT BANCA MONTE DEI PASCHI DI SIENA S.p.A IT IT BANCO POPOLARE - S.C. IT IT UNIONE DI BANCHE ITALIANE SCPA (UBI BANCA) IT IT BANQUE ET CAISSE D'EPARGNE DE L'ETAT LU LU BANK OF VALLETTA (BOV) MT MT RABOBANK NEDERLAND NL NL SNS BANK NV NL NL DNB NOR BANK ASA NO NO POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI S.A. ( PL PL CAIXA GERAL DE DEPOSITOS, SA PT PT BANCO COMERCIAL PORTUGUES, SA (BCP OR MILLENNIUPT PT BANCO BPI, SA PT PT NORDEA BANK AB (PUBL) SE SE SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) (SEB) SE SE SVENSKA HANDELSBANKEN AB (PUBL) SE SE SWEDBANK AB (PUBL) SE SE NOVA LJUBLJANSKA BANKA D.D. (NLB d.d.) SI SI NOVA KREDITNA BANKA MARIBOR D.D. (NKBM d.d.) SI SI Sources: EBA, SNL Financial and ECB calculations.
DBRS Assigns Critical Obligations Ratings to 33 European Banking Groups
Date of Release: February 4, 2016 DBRS Assigns Critical s to 33 European Banking Groups Industry: Fin.Svc.--Banks & Trusts, Fin.Svc.--Credit Unions & Building Societies DBRS has today assigned Critical
More information2018 EU-wide Stress Test Final Methodology
Management Solutions 2017. All rights reserved 2018 EU-wide Stress Test Final Methodology European Banking Authority www.managementsolutions.com Research and Development Management Solutions 2017. All
More informationEU Financial System Perspectives
EU Financial System Perspectives BNP Paribas Securities (Japan) Limited Head of Investment Research Department Chief Credit Analyst Mana Nakazora 03-6377-1707 mana.nakazora@japan.bnpparibas.com How strong
More informationBank capital, dividends and management compensation
Bank capital, dividends and management compensation Hyun Song Shin* Bank for International Settlements 2017 Biennial IADI Research Conference Basel, 1 June 2017 * The views expressed here are mine, not
More informationHow do our benchmark capital shortfalls compare to the regulatory shortfall estimates?
Making Sense of the Comprehensive Assessment Viral V. Acharya (NYU Stern, CEPR and NBER) 1 Sascha Steffen (ESMT) 2 October 27, 14 Motivation In an earlier piece (Achary and Steffen, 2014), we have estimated
More informationNOTE ON THE COMPREHENSIVE ASSESSMENT FEBRUARY 2014
NOTE ON THE COMPREHENSIVE ASSESSMENT FEBRUARY 2014 1 INTRODUCTION The ECB and the participating national competent authorities (NCAs) responsible for conducting banking supervision in the euro area have
More informationIn 2008 all ECB publications feature a motif taken from the 10 banknote.
E U RO M O N E Y M A R K E T S U RV E Y S E P T E M B E R 2 8 In 28 all publications feature a motif taken from the 1 banknote. EURO MONEY MARKET SURVEY SEPTEMBER 28 European Central Bank, 28 Address Kaiserstrasse
More informationSP Global : Why Another Capital Ratio?
SP Global : Why Another Capital Ratio? Date: 15 December 2016 Nicolas Malaterre Senior Director Mathieu Plait Associate EMEA Financial Services Ratings Copyright 2016 by S&P Global. All rights reserved.
More informationA tale of two overhangs: the nexus of financial sector and sovereign credit risks
A tale of two overhangs: the nexus of financial sector and sovereign credit risks VIRAL V. ACHARYA Professor of Finance New York University Stern School of Business AMAR DRECHSLER Assistant Professor of
More informationFlash Economics. How should retail banks manage risk? The only reasonable solution is to apply sufficient risk premia (interest rate margins) on loans
19 September 1-9 How should retail banks manage risk? The only reasonable solution is to apply sufficient risk premia (interest rate margins) on loans The latest stress tests carried out by the ECB on
More informationEURO MONEY MARKET SURVEY SEPTEMBER
EURO MONEY MARKET SURVEY SEPTEMBER 29 EURO MONEY MARKET SURVEY SEPTEMBER 29 In 29 all ECB publications feature a motif taken from the 2 banknote. European Central Bank 29 Address Kaiserstrasse 29 6311
More informationLast Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/CF
Page 1 of 5 Morningstar Analyst Rating. Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/CF $ 18.50 ]0.38 2.07 % $ 18.50 18.43-18.65
More informationComprehensive Assessment Final results press conference. Sunday 26 October 2014
Comprehensive Assessment Final results press conference Sunday 26 October 2014 1 Overall results 1 Overall results The Comprehensive Assessment was an exercise of unprecedented scope and depth The Comprehensive
More informationARE BANKS AFFECTED BY THEIR HOLDINGS OF GOVERNMENT DEBT?
BRUEGEL WORKING PAPER 2012/07 ARE BANKS AFFECTED BY THEIR HOLDINGS OF GOVERNMENT DEBT? CHIARA ANGELONI AND GUNTRAM B. WOLFF Highlights Banking and sovereign risk in the euro area are highly correlated.
More informationThe new bank resolution scheme: The end of bail-out?
In partnership with The new bank resolution scheme: The end of bail-out? State aid rules remain one of the decisive factors in dealing with distressed bank situations. But uncertainty remains over whether
More informationeconstor Make Your Publications Visible.
econstor Make Your Publications Visible. A Service of Wirtschaft Centre zbwleibniz-informationszentrum Economics Acharya, Viral V.; Steffen, Sascha Research Report Making sense of the comprehensive assessment
More informationCountry-by-Country Reporting Data and Locations of European Banks Activities and Profits
Country-by-Country Reporting Data and Locations of European Banks Activities and Profits Petr Janský Charles University Brno, 9 March 2017 The project has received funding from the European Union s Horizon
More informationFalling Short of Expectations? Stress-Testing the European Banking System
Falling Short of Expectations? Stress-Testing the European Banking System Viral V. Acharya (NYU Stern, CEPR and NBER) 1 Sascha Steffen (ESMT) 2 September 24, 2014 Motivation The eurozone is mired in a
More informationEurozone Exit - ISDA Documentation Considerations ISDA Definitions
CLIFFORD CHANCE LLP Memorandum TO David Geen, ISDA DATE June 2015 FROM Chris Bates Habib Motani Jeremy Walter Michael Brown DIRECT DIAL +44 207006 1000 Eurozone Exit - ISDA Documentation Considerations
More informationThe EBA stress test 2014: A Credible Stress? Paul Wessels Erik Rood
The EBA stress test 2014: A Credible Stress? Paul Wessels Erik Rood Introduction Paul Wessels and Erik Rood Paul Wessels, PhD Senior Manager Financial Risk Management KPMG Advisory N.V. Experience PhD
More informationGiovannini Barrier 4 and 7
Giovannini Barrier 4 and 7 Godfried de Vidts and Mark Austen Joint submission of European Primary Dealers Association and the European Repo Committee Clearing and Settlement Advisory and Monitoring Experts
More informationBank List - Category B Banks
100077 Abbey National Treasury Services plc Banking 694GT 90002 Alexandria Bancorp Limited Banking & Trust 2428GT 78001 Allied Irish Banks, Public Limited Company Banking & Trust 694GT 74001 Altajir Bank
More informationItalian Banks - Accelerating the Sales of NPL to Improve Asset Quality
Italian Banks - Accelerating the Sales of NPL to Improve Asset Quality 31 July 2017 Commentary Carola Saldias Senior Director Financial Institutions Analytical Team carola.saldias@dagongeurope.com Evgeni
More informationItaly: Banks. Fine tuning estimates ahead of 3Q10 results. Positive trend in NII and margins near term
Fine tuning estimates ahead of 3Q10 results Positive trend in NII and margins near term We expect 3Q2010 results (to be reported next week) to show: 1) moderate loan growth (+3% yoy according to Bank of
More informationMr Sven Giegold Member of the European Parliament European Parliament 60, rue Wiertz B-1047 Brussels. Frankfurt am Main, 19 April 2018
Danièle NOUY Chair of the Supervisory Board Mr Sven Giegold Member of the European Parliament European Parliament 60, rue Wiertz B-1047 Brussels Frankfurt am Main, 19 April 2018 Re: Your letter (QZ020)
More informationKEEP IN MIND, THIS OFFER IS ON A FIRST COME FIRST SERVED BASIS. All These Leasing Instruments Prices are Fixed.
TO THE ATTENTION OF ALL CLIENTS/LESSEE S: WE CAN PROVIDE THE BELOW MENTIONED LEASING BANK INSTRUMENTS TO ALL LESSEE S, WHO CAN FOLLOW OUR LEASING PROCEDURES AND CLOSE A LEASING TRANSACTION. IN ORDER TO
More informationResults of bank recapitalisation plan
Results of bank recapitalisation plan Andrea Enria Chairperson of the European Banking Authority 8 th December 2011 Why a recapitalisation plan The deepening of the sovereign debt crisis since the summer
More informationECB comprehensive assessment
Investment Research General Market Conditions 27 October 2014 Capital shortfall less than expected The result of the ECB s Asset Quality Review (AQR) and stress test, including the fact that 12 out of
More informationDebt in Focus. Hamish Grant
Debt in Focus is the Mid-Market back to where it should be? Hamish Grant Session Outline > Where is the Mid-Market for debt today? > Banking in a European context > The wall of refinancing > Conclusions
More informationCorrection to: End of the sovereign-bank doom loop in the European Union? The Bank Recovery and Resolution Directive
JEvolEcon https://doi.org/10.1007/s00191-018-0577-1 CORRECTION Correction to: End of the sovereign-bank doom loop in the European Union? The Bank Recovery and Resolution Directive Giovanni Covi 1,2 & Ulrich
More informationJoint Committee. List of Financial Conglomerates Financial conglomerates with head of group in the EU/EEA 1 2 3
31 October 2018 JC 2018 68 Joint Committee List of Financial Conglomerates 2018 Financial conglomerates with head of group in the EU/EEA 1 2 3 Name of the Coordinator Relevant Competent Authorities (where
More informationLeaseurope releases its Ranking of Top European Leasing Companies for 2009
PRESS RELEASE FOR IMMEDIATE RELEASE Leaseurope releases its Ranking of Top an Leasing Companies for 2009 Brussels, 30 August 2010 Leaseurope is pleased to announce the release of its ninth consecutive
More informationThe Market-Implied Probability of European Government Intervention in Distressed Banks
The Market-Implied Probability of European Government Intervention in Distressed Banks Richard Neuberg*, Paul Glasserman*, Benjamin Kay**, and Sriram Rajan** RiskLab/BoF/ESRB Conference on Systemic Risk
More informationEuropean financial markets and policy trends
Financial Markets Panel 11th Meeting Reference Materials European financial markets and policy trends 6 July 21 Tetsuya Inoue Chief Researcher, Center for Financial Market Research Nomura Research Institute
More informationMorgan Stanley Investment Management Global Order Execution Policy
Morgan Stanley Investment Management Global Order Execution Policy 1 Title MSIM Global Order Execution Policy Effective Date 3 January 2018 Owner Approver Head of Advisory Compliance, MSIM EMEA Head of
More informationWhy Are Banks Not Recapitalized During Crises?
Why Are Banks Not Recapitalized During Crises? Matteo Crosignani NYU Stern September 2014 Outline 1 THREE FACTS 2 INTUITION 3 MODEL 4 EMPIRICAL EVIDENCE FACT 1: RELIANCE ON DOMESTIC BANKS Levels Non-GIIPS
More informationBancassurance in Europe: Product and Partnership Strategies of the Region's Top 150 Retail Banking Groups
Bancassurance in Europe: Product and Partnership Strategies of the Region's Top 150 Retail Banking Groups Report Prospectus August 2017 Finaccord Ltd., 2017 Web: www.finaccord.com. E-mail: info@finaccord.com
More informationPortuguese Economy Recent Developments and Challenges Ahead
Portuguese Economy Recent Developments and Challenges Ahead Carlos da Silva Costa Handouts Portuguese Economy Recent Developments and Challenges Ahead I. The build-up of the crisis Outline II. The Economic
More informationPress release of the session held by the Commission for Banking Supervision on August 09, 2006
Warsaw, dated August 09, 2006 Press release of the session held by the Commission for Banking Supervision on August 09, 2006 At its session held on August 09, 2006, the Commission for Banking Supervision
More informationEUROPEAN COMMISSION Internal Market and Services DG
EUROPEAN COMMISSION Internal Market and Services DG FINANCIAL INSTITUTIONS November 2007 Identification of Financial Conglomerates ab (Not included are the groups where the coordinator and, where appropriate,
More informationState of play of CAP measure Setting up of Young Farmers in the European Union
State of play of CAP measure Setting up of Young Farmers in the European Union Michael Gregory EN RD Contact Point Seminar CEJA 20 th September 2010 Measure 112 rationale: Measure 112 - Setting up of young
More informationCredito Valtellinese (PCVI.MI)
Credito Valtellinese (PCVI.MI) Another set of very good numbers. The Goldman Sachs Group, Inc. November 8, 2005 Outperform/Neutral Europe Financial Services Banks Stock data Price 11.20 52-week range 12.50-8.74
More informationFCF Fox Corporate Finance GmbH. FCF Credit Default Swaps Monitor H Data as of December 06, 2017 Published as of December 22, 2017
FCF Fox Corporate Finance GmbH FCF Credit Default Swaps Monitor H2 207 Data as of December 06, 207 Published as of December 22, 207 EXECUTIVE SUMMARY 2 Executive Summary The FCF Credit Default Swaps Monitor
More informationExecutive summary. 11 July 2012
11 July 2012 Update on the implementation of Capital Plans following the EBA s 2011 Recommendation on the creation of temporary capital buffers to restore market confidence Executive summary 1. In December
More informationFCF CDS Spreads Monitor H1 2018
FCF CDS Spreads Monitor H1 2018 Agenda EXECUTIVE SUMMARY 2 Executive Summary The FCF Credit Default Swaps Monitor is a standardized report on Credit Default Swap spreads of German and European banks, active
More informationFINAL TERMS DATED 10 July 2012 SOCIÉTÉ GÉNÉRALE
CONFORMED COPY FINAL TERMS DATED 10 July 2012 SOCIÉTÉ GÉNÉRALE Issue of Euro 750,000,000 4.250 per cent. Notes due 2022 (the Notes ) under the 50,000,000,000 Euro Medium Term Note - Paris Registered Programme
More informationSWIFTgpi A new standard in cross-border payments. Jul, 2017
SWIFTgpi A new standard in cross-border payments Jul, 2017 Your cross-border payment challenges Speed Critical business requires faster payment execution Transparency Many times we don t have visibility
More informationTransition to IFRS 9 Impact on forbearance practices: are there some risks?
Transition to IFRS 9 Impact on forbearance practices: are there some risks? Cristina T. Plata García / María Rocamora / Javier Villar Burke Madrid, December 2017 Executive Summary Forbearance measures
More informationMarket Shares by Stock Exchange Turnover
Market Shares by Stock Exchange Turnover in structured Securities Deutsche Bank remains market leader BNP Paribas takes third place in the leverage products category with capital protection (100 %) Capital
More informationEBA Call for Evidence and Discussion Paper on SMEs
EBA Call for Evidence and Discussion Paper on SMEs Preliminary analysis for the SME report in accordance with the EBA mandate in Article 501 CRR Public Hearing - 4 September 2015 Contents 1. Background
More informationExternal author: Thomas Breuer
EFSF ESM ESBR EBA EWG NCAs NRAs SRM MIP MTO NRP CRD SSM SGP EIP MTO SCP ESAs EFSM EDP AMR CSRs AGS DGS EFSF ESM ESBR EBA EWG NCA C GOVERNANCE BANKING UNION ECONOMIC GOVERNANCE BANKING UNION ECONOMIC GOVERNANCE
More informationDATA SET ON INVESTMENT FUNDS (IVF) Naming Conventions
DIRECTORATE GENERAL STATISTICS LAST UPDATE: 10 APRIL 2013 DIVISION MONETARY & FINANCIAL STATISTICS ECB-UNRESTRICTED DATA SET ON INVESTMENT FUNDS (IVF) Naming Conventions The series keys related to Investment
More informationNotification template for Article 131 CRD Other Systemically Important Institutions (O-SII)
Notification template for Article 131 CRD Other Systemically Important Institutions (O-SII) Please send this template to notifications@esrb.europa.eu when notifying the ESRB; macropru.notifications@ecb.europa.eu
More information18. Proposal by the Board of Directors regarding a Long Term Incentive Programme
18. Proposal by the Board of Directors regarding a Long Term Incentive Programme a) Long Term Incentive Programme Background The annual general meeting 2007 resolved to introduce a Long Term Incentive
More informationGuidelines compliance table
compliance table EBA/GL/2018/05 18 July 2018; Date of application 1 January 2019 on fraud reporting under the Payment Services Directive 2 (PSD2) The following competent authorities* or intend to with
More informationEBA REPORT ON HIGH EARNERS
EBA REPORT ON HIGH EARNERS DATA AS OF END 2017 LONDON - 11/03/2019 1 Data on high earners List of figures 3 Executive summary 4 1. Data on high earners 6 1.1 Background 6 1.2 Data collected on high earners
More informationInside magazine Issue 18 Part 03 - From corporate strategies & people perspectives
Partner Baptiste Guionnet Director ever before. In Europe, this trend is further exacerbated by the to the US. However, M&A in the banking sector has risen group priorities in the coming months. F of cross-border
More informationSomething is a foot. How human rights standards and environmental regulations in the footwear industry are being quietly ignored by banks
Something is a foot Umweltbundesamt /B.Gröger How human rights standards and environmental regulations in the footwear industry are being quietly ignored by banks The aim of this investigation is to uncover
More informationUPDATE ON THE EBA REPORT ON LIQUIDITY MEASURES UNDER ARTICLE 509(1) OF THE CRR RESULTS BASED ON DATA AS OF 30 JUNE 2018.
UPDATE ON THE EBA REPORT ON LIQUIDITY MEASURES UNDER ARTICLE 509(1) OF THE CRR RESULTS BASED ON DATA AS OF 30 JUNE 2018 20 March 2019 Contents List of figures 3 List of tables 4 Abbreviations 5 Executive
More informationStricter Capital Requirements for Investing in EU Government Bonds as a Means of Creating a More Stable Financial System
STRICTER CAPITAL REQUIREMENTS FOR INVESTING IN EU GOVERNMENT BONDS Stricter Capital Requirements for Investing in EU Government Bonds as a Means of Creating a More Stable Financial System By Dorothea Schäfer
More informationDSF POLICY BRIEFS No. 23/ February 2013
DSF POLICY BRIEFS No. 23/ February 2013 Winners of a European Banking Union Dirk Schoenmaker, Duisenberg school of finance Arjen Siegmann, VU University Amsterdam Abstract The prospective Banking Union
More informationDB Portfolio Semiannual Report 2013
Deutsche Asset & Wealth Management DWS Investment S.A. DB Portfolio Semiannual Report 2013 DB Portfolio Euro Liquidity Investment Fund Organized under Luxembourg Law Contents Semiannual report 2013 for
More informationHoldings Report. Fund Name:- Northern Trust Global Funds plc - The Dollar Fund Reporting Currency:- USD Statement Date: - 07-FEB-2018.
Fund Name:- Northern Trust Global Funds plc - The Dollar Fund Reporting Currency:- USD Statement Date: - 07-FEB-2018 Security Description Security Type Settlement Date Maturity Date Current Face Country
More informationBanking Activity Review
A C T I V I T I E S O F F I N A N C I A L M A R K E T P A R T I C I P A N T S Banking Activity Review 17 ISSN 233-8327 (ONLINE) Reproduction for educational and non-commercial purposes is permitted provided
More informationGENERALI Investments Europe S.p.A. Società di gestione del risparmio Internal Execution Policy
GENERALI Investments Europe S.p.A. Società di gestione del risparmio Internal Execution Policy 1 TABLE OF CONTENTS 1 INTRODUCTION... 3 1.1 PREMISES... 3 1.2 NEW REGULATORY FRAMEWORK... 3 2 SCOPE OF APPLICATION
More information1st Take: Decent operationally, capital build the question
MONTH July 25, 2016 DD, YYYY 06:53 HH:MM AM GMTAM/PM GMT Julius Baer 1st Take: Decent operationally, capital build the question Industry View In-Line Stock Rating Overweight Price Target SFr 47.00 Net
More informationEuropean financial CDS at the crossroads
European financial CDS at the crossroads As bank regulation evolves and bank-debt restructuring precedents occur, European financial CDS adapt to a changing banking world. The introduction of the ISDA
More informationBNY Mellon EMEA Order Handling and Execution Policy List of Execution Venues. For Professional Clients
BNY Mellon EMEA Order Handling and Execution Policy List of Execution Venues For Professional Clients Effective date: 3 rd January 2018 Version number: 1.0 1. Introduction In accordance with regulatory
More informationNotification template for Article 131 CRD Other Systemically Important Institutions (O-SII)
Notification template for Article 131 CRD Other Systemically Important Institutions (O-SII) Please send this template to notifications@esrb.europa.eu when notifying the ESRB; macropru.notifications@ecb.europa.eu
More informationThe Banking Sector in Cyprus
The Banking Sector in Cyprus Constantinos Stephanou Senior Financial Economist, The World Bank LSE Conference on the Cyprus Economy London, 10 February 2012 1 Contents 1. Characteristics of the banking
More informationOrder implementation policy on financial instruments (here after referred to as the "Policy")
Order implementation policy on financial instruments (here after referred to as the "Policy") I. Field of application This Policy establishes the methodology set up and followed by the Intesa Sanpaolo
More informationWorking Paper. Deleveraging and Derisking Strategies of European Banks: Business as Usual? 1/2014 Stefano Caselli Stefano Gatti Francesca Querci
Università Commerciale Luigi Bocconi CAREFIN Centre for Applied Research in Finance Working Paper 1/2014 Stefano Caselli Stefano Gatti Francesca Querci Deleveraging and Derisking Strategies of European
More informationWorld Retail Banking Report Price Comparison including Ireland Report to the Irish Bankers Federation
.. World Retail Banking Report SRG L O N D O N Price Comparison including Ireland Report to the Irish Bankers Federation August 2005 Comment This is a comparative study of consumer current account banking
More informationScenario for the European Insurance and Occupational Pensions Authority s EU-wide insurance stress test in 2016
17 March 2016 ECB-PUBLIC Scenario for the European Insurance and Occupational Pensions Authority s EU-wide insurance stress test in 2016 Introduction In accordance with its mandate, the European Insurance
More informationHow much does it cost to make a payment?
How much does it cost to make a payment? Heiko Schmiedel European Central Bank Directorate General Payments & Market Infrastructure, Market Integration Division World Bank Global Payments Week 23 October
More informationUBS AG, acting through its London branch
The Final Terms dated 4 September 2017 UBS AG, acting through its London branch Issue of EUR 1,000,000,000 0.125 per cent. Notes due 5 November 2021 under the Euro Note Programme Any person making or intending
More information2018 EU-WIDE TRANSPARENCY EXERCISE AND RISK ASSESSMENT REPORT
2018 EU-WIDE TRANSPARENCY EXERCISE AND RISK ASSESSMENT REPORT Mario Quagliariello Director of Economic Analysis and Statistics Background Briefing with analysts and journalists 14 December 2018 Outline
More informationGuidelines compliance table
Guidelines compliance table EBA/GL/2017/05 Appendix 1 11 May 2017; Date of application 01 January 2018 (Updated 19 February 2018) Guidelines on ICT Risk Assessment under the Supervisory Review and Evaluation
More informationRecommendations compliance table
Recommendations compliance table EBA/REC/2017/02 2 March 2017; Date of application 1 July 2017 Recommendations on the coverage of entities in a group recovery plan The following competent authorities*
More informationJ.P. Morgan Money Market Funds
Semi-Annual Report J.P. Morgan Money Market Funds August 31, 2013 (Unaudited) JPMorgan Prime Money Market Fund JPMorgan Liquid Assets Money Market Fund JPMorgan U.S. Government Money Market Fund JPMorgan
More informationFalling Short of Expectations? Stress-Testing the European Banking System
Falling Short of Expectations? Stress-Testing the European Banking System Viral V. Acharya (NYU Stern, CEPR and NBER) and Sascha Steffen (ESMT) January 2014 1 Falling Short of Expectations? Stress-Testing
More informationISDA Margin Survey 2011
ISDA Margin Survey 2011 INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC. INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION ISDA, which represents participants in the privately negotiated derivatives
More informationEBA REPORT BENCHMARKING OF REMUNERATION PRACTICES AT THE EUROPEAN UNION LEVEL AND DATA ON HIGH EARNERS (DATA AS OF END 2016)
EBA REPORT BENCHMARKING OF REMUNERATION PRACTICES AT THE EUROPEAN UNION LEVEL AND DATA ON HIGH EARNERS (DATA AS OF END 2016) 1 Benchmarking of remuneration practices at the European Union level and data
More information24 European Banking Groups Assigned Resolution Counterparty Ratings
24 European Banking Groups Assigned Resolution Counterparty Ratings Primary Credit Analysts: Pierre Gautier, Paris (33) 1-4420-6711; pierre.gautier@spglobal.com Anna Lozmann, Frankfurt (49) 69-33-999-166;
More informationLEADER implementation update Leader/CLLD subgroup meeting Brussels, 21 April 2015
LEADER 2007-2013 implementation update Leader/CLLD subgroup meeting Brussels, 21 April 2015 #LeaderCLLD 2,416 2,416 8.9 Progress on LAG selection in the EU (2007-2013) 3 000 2 500 2 000 2 182 2 239 2 287
More informationDOM2009 to SDD migration principles, proposal to the involved creditors (PSU)
DOM2009 to migration principles, proposal to the involved creditors (PSU) Deliverable n 2 Assist the migration from the Luxembourg Direct Debit (DOM2009) to the European SEPA Direct Debit schemes, & V1.2
More informationThe ECB s Expanded Asset Purchase Programme
The ECB s Expanded Asset Purchase Programme Presentation at the ICMA CBIC Conference 7 May 2015 Ulrich Bindseil Director General Market Operations European Central Bank The views expressed do not necessarily
More informationINSIGHT LIQUIDITY FUNDS PLC
INSIGHT LIQUIDITY FUNDS PLC (An Investment Company with Variable Capital and Segregated Liability between s) CONDENSED INTERIM REPORT AND FINANCIAL STATEMENTS SIX MONTHS ENDED 30 JUNE 2017 UNAUDITED Insight
More informationEBA REPORT ON ASSET ENCUMBRANCE JULY 2017
EBA REPORT ON ASSET ENCUMBRANCE JULY 2017 1 Contents List of figures 3 Executive summary 4 Analysis of the asset encumbrance of European banks 6 Sample 6 Scope of the report 6 Total encumbrance 7 Encumbrance
More information52 ECB. The 2015 Ageing Report: how costly will ageing in Europe be?
Box 7 The 5 Ageing Report: how costly will ageing in Europe be? Europe is facing a demographic challenge. The old age dependency ratio, i.e. the share of people aged 65 or over relative to the working
More informationEnergy efficient Mortgages Action Plan (EeMAP) & Energy efficiency Data Protocol and Portal (EeDaPP)
Energy efficient Mortgages Action Plan (EeMAP) & Energy efficiency Data Protocol and Portal (EeDaPP) Market Overview EU Objectives in the Housing Sector In the EU 28 there are 510 million people 247 million
More informationGuidelines compliance table
Guidelines compliance table EBA/GL/2017/01 Appendix 1 08 March 2017; Date of application 31 December 2017 (Updated: 14 November 2017) Guidelines on LCR disclosure to complement the disclosure of liquidity
More informationRanking of Top European Leasing Companies
ing of Top an Leasing Companies 2017 PRESS RELEASE FOR IMMEDIATE RELEASE 17th ing of Top an Leasing Companies released Brussels, 3 July 2018 Leaseurope is pleased to announce the release of its 17th consecutive
More informationFIRST REPORT COSTS AND PAST PERFORMANCE
FIRST REPORT COSTS AND PAST PERFORMANCE DECEMBER 2018 https://eiopa.europa.eu/ PDF ISBN 978-92-9473-131-9 ISSN 2599-8862 doi: 10.2854/480813 EI-AM-18-001-EN-N EIOPA, 2018 Reproduction is authorised provided
More informationHoldings Report. Fund Name:- Northern Trust Global Funds plc - The Dollar Fund Reporting Currency:- USD Statement Date: - 22-NOV-2017
Fund Name:- Northern Trust Global Funds plc - The Dollar Fund Reporting Currency:- USD Statement Date: - 22-NOV-2017 Holdings Report Security Description Security Type Settlement Date Maturity Date Current
More informationQUARTERLY REVIEW OF THE USE OF THE EURO FOURTH QUARTER No 5 SUMMARY
EUROPEAN COMMISSION DIRECTORATE-GENERAL ECONOMIC AND FINANCIAL AFFAIRS Economy of the euro zone and the Union Transition issues related to EMU Brussels, 22 February 2001 BA D(01) ECFIN C4 / 102 QUARTERLY
More informationMacroeconomic Policies in Europe: Quo Vadis A Comment
Macroeconomic Policies in Europe: Quo Vadis A Comment February 12, 2016 Helene Schuberth Outline Staff Projection of the Euro Area Monetary Policy Investment Rebalancing in the euro area Fiscal Policy
More informationANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 2008
www.efesonline.org 25.2.29 ANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 28 INTRODUCTION TO COUNTRY FILES Employee ownership is progressing faster and stronger across Europe than
More informationMost Banks Don't Need More Capital, But The Flexibility To Use It In Times Of Stress
Most Banks Don't Need More Capital, But The Flexibility To Use It In Times Of Stress Primary Credit Analyst: Bernard De Longevialle, Paris (1) 212-438-0287; bernard.delongevialle@spglobal.com Secondary
More information